The question we often get asked a lot in recent years is what will happen to my cryptocurrency when I die?
As we all know, the world is becoming increasingly digital, and it is no surprise to hear that the Office for National Statistics in 2020 found out that 92% of the people in the UK are regular internet users.
Because of the assets, they would have to be valued as they form part of the estate for inheritance tax purposes. For a crypto coin like Bitcoin or Ethereum price the prices are well known, for the less known coins, it is worth seeking specialist advice if unsure about the value.
At Adel Jibs & Co Solicitors, our private client solicitors in Enfield know about such assets so we can take them into account when drafting your Will and advising on inheritance tax.
There are assets that have no monetary value but would need be transferred, closed, such as:
- Digital subscription – Netflix, Spotify, or Subscription to watch your favorite football team.
- Social media accounts – Instagram, Twitter, or Facebook soon to be Meta.
- Photos and videos are stored on the cloud.
There is no uniform policy on dealing for dealing with online platforms when someone dies and the provider policies as such will differ.Our Solicitors in Enfield are ready to help today!
If you need to amend your Will to include your digital assets or have questions about this, please can contact our solicitors in Enfield and contact us today on 02034173859
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The information given here is intended for general information purposes only and should not be taken as legal advice.